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Cameco's vision is to be a dominant nuclear energy company producing uranium fuel and generating clean electricity. Our key strategy to deliver this vision is to sustain and grow uranium production in a way that is safe, clean, cost-effective and communit

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durban1

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UPDATE 1-Hathor board asks shareholders to reject Cameco offer

posted on Sep 14, 2011 07:56AM

UPDATE 1-Hathor board asks shareholders to reject Cameco offer

Wed Sep 14, 2011 7:19am EDT

(Follows alerts)

Sept 14 (Reuters) - Hathor Exploration said its board unanimously recommended that its shareholders reject the C$520 million hostile takeover offer from Canada's No 1 uranium producer, Cameco Corp .

The offer fails to recognize the quality of the Roughrider uranium deposit, said Hathor, which dubbed the bid "predatory."

Cameco launched its bid for Hathor in end-August, after talks for a friendly deal failed. Cameco's move is aimed at expanding its output from the Athabasca Basin mining region in Western Canada. [ID: nNL4E7JQ27]

At stake is Hathor's Roughrider deposit, a uranium project located near Cameco's Rabbit Lake mill in the Athabasca Basin of the western Canadian province of Saskatchewan.

None of its directors or officers intends to tender their shares to the offer, Hathor said in a statement. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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